SIGNBOARD AGREEMENT
STATE PROJECT NO.______
______
______
______
PARCEL NO(S). ______
SIGNBOARD AGREEMENT
THIS AGREEMENT MADE AND ENTERED INTO BY AND BETWEEN:
______, hereinafter referred to as "Vendor",
AND
The Department of Transportation and Development of the State of Louisiana, herein represented by CHARLES MCBRIDE of said Department of Transportation and Development, authorized herein by Policy and Procedure Memorandum Number 5, dated December 16, 1976, as amended and revised, issued by the Secretary of the Louisiana Department of Transportation and Development, who accepts this agreement on behalf of the Department of Transportation and Development of the State of Louisiana, hereinafter referred to as the “Department”,
WITNESSETH THAT:
WHEREAS, the Department proposes to construct, improve and maintain a portion of highway along Route ______located in ______Parish, Louisiana, to be known as STATE PROJECT NO. ______, and
WHEREAS, Vendor is the owner of ______, on which Vendor advertises various goods and services, designated and valued by the Department as follows:
______(description of sign______
______$______
- FOLLOWING IS THE REMAINDER OF THE AGREEMENT IF THE VENDOR WISHES TO SELL THE SIGN TO THE DEPARTMENT:
WHEREAS, Department in order to construct and maintain said right of way, desires to purchase and to remove said sign(s) and all fixtures connected therewith and has agreed to compensate Vendor for the value thereof; and
WHEREAS, Department is willing to pay and Vendor is willing to accept the price and sum of ______($______) DOLLARS as full and final payment for the sale of the sign board(s) hereinabove described.
NOW THEREFORE, it is hereby covenanted and agreed by and between the parties hereto that:
(1)Department will pay unto Vendor the price and sum of ______($______) DOLLARS for Vendor's sign board(s) situated within the said Parcel No(s). ______, in full and final payment.
(2)Upon receipt of the aforesaid price and sum of ______($______) DOLLARS Vendor shall deliver immediate possession of the sign board(s) hereinabove described and release and relieve the Department, its Agents, Employees and/or Contractors from any and all further liability in the premises.
All of the stipulations and agreements contained herein and all of the obligations assumed shall be binding upon the parties hereto, their heirs, successors and assigns forever.
- FOLLOWING IS THE REMAINDER OF THE AGREEMENT IF THE VENDOR WISHES TO RETAIN THE SIGN:
WHEREAS, Department, in order to construct and maintain said right of way, desires to remove said sign(s) and fixtures connected therewith and has agreed to compensate Vendor for the value thereof; and
WHEREAS, Vendor wishes to retain said sign(s) and fixtures for its own use and benefit and Department is agreeable to said retention; and
WHEREAS, Department is willing to pay and Vendor is willing to accept the price and sum of ______($______) DOLLARS as the adjusted price representing retention by Vendor of said sign(s) and fixtures connected therewith, and for the cost to Vendor of furnishing all labor and materials and removing said sign(s) from within the required right of way of said state project and for releasing and relieving the Department, its Agents, Employees and/or Contractors from any and all further liability in the premises.
NOW THEREFORE, it is hereby covenanted and agreed by and between the parties hereto that:
(1)Department will pay unto Vendor the price and sum of ______($______) DOLLARS as an adjusted price payment for said sign(s) and the cost to Vendor of furnishing all labor and materials and removing Vendor's sign(s) situated within the said Parcel No(s). ______in full and final payment.
(2)Upon receipt of the aforesaid price and sum of ______($______) DOLLARS Vendor shall release and relieve Department, its Agents, Employees and/or Contractors from any and all further liability in the premises.
(3)Upon failure of Vendor to effect removal of said sign(s) within thirty (30) days after receipt of payment, the said sign(s) shall become the property of Department to be disposed of as directed by the Chief Engineer, without recourse to Vendor even as to salvage, and Vendor shall become and remain liable unto the Department for any and all costs incurred by the Department in connection with such disposal.
All of the stipulations and agreements contained herein and all of the obligations assumed shall be binding upon the parties hereto, their heirs, successors and assigns forever.